San Francisco-based Prologis, Inc. sold a 2.8 million square foot industrial portfolio to Clarion Partners for $118 million this month reports the Dener Post. The 13 properties, with an average 90% leased, are located in nine markets including Atlanta, Cincinnati, Columbus, Dallas, Indianapolis, San Antonio, Phoenix, Salt Lake City and Tracy, CA. CB Richard Ellis brokered the deal.
A spokesperson for Clarion said there is no breakdown of value for each of the properties. GlobeSt.com discovered that the portfolio includes: the Patterson Pass Business Park #8 and #10 in Tracy, CA; Crossroads Corp. Center #1 and #3 and the Salt Lake International Distribution Center #8 in Salt Lake City; Kyrene Commons #3 in Tempe, AZ; Tri-County Distribution Center #1 in Schertz, AZ; the Waters Ridge Distribution Center #1 in Lewisville, TX; the Plainfield Park Building #3A in Plainfield, IN; the Capital Park South Distribution Center #4 in Grove City, OH; the West Chester Commerce Park #2 in West Chester, OH; the Princeton Distribution Center #1 in Cincinnati; and the Progress Distribution Center #1 in Lawrenceville, GA.
"This disposition is part of our continuing program to enhance investor returns in our private capital funds," said Guy F. Jaquier, chief executive officer of Prologis Private Capital. "We are selectively selling properties where we have maximized value or where they no longer fit our strategic goals and objectives."
Prologis owns or has investments in properties of about 600 million square feet in 22 countries, according to the company. Its corporate headquarters moved to San Francisco from Denver following a merger with AMB Property Corp. but its operations headquarters remain in Denver.
For more news and information visit Blumberg Capital Partners.
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